Real estate pros and would-be buyers can attest there is no shortage of demand for homes in the Denver metro area. But it seems like supply just cannot keep up.

According to the latest Denver Metro Association of Realtors (DMAR) Market Trends Report, while housing inventory typically declines around the holidays, this year hit a record low. November ended with 3,415 active listings, down approximately 29 percent from October’s 4,821 homes—the previous record—and down a whopping 51 percent year-over-year. In other words, if no new houses come on the market, inventory would be sold out in two weeks.

Andrew Abrams, chair of DMAR’s Market Trends Committee noted that inventory levels are not expected to increase anytime soon. He said that since 2008, active inventory has dwindled from November to December. He anticipates historically low inventory to carry into the first of the year.

The latest data also reveals that homes sold faster last month than a typical November. The average day on the market was 22 days compared to 35 days in November 2019.

Low inventory coupled with high demand led to increasing prices. Last month the average single-family home sold for $615,766—nearly $83,000 more than a house sold in November 2019, but a slight dip from October, when the median home price exceeded $625,000.

The most competitive sector of the market is single-family homes listed between $300,000 and $499,999, according to the report. Last month, there were 1,284 new single-family listings in this price range, and 1,658 pending sales.

If you’re thinking of becoming a homeowner in this competitive market, it is crucial to have the right team on your side. Give Metrowest a shout today – we’d love to help.